Italian oil and gas company Eni has completed the acquisition of Neptune Energy Group, enhancing its natural gas portfolio. 

The $4.9bn transaction, first announced in June 2023, did not include Neptune Energy’s operations in Norway (Neptune Energy Norge) and Germany.  

Eni said the acquisition is in line with its goal to provide secure, affordable and low-carbon energy, primarily through natural gas. 

The acquisition allows Eni to integrate a high-quality and low carbon-intensity portfolio that complements its existing operations geographically and operationally, it added. 

Among the acquired assets is Neptune Energy’s stake in the Geng North-1 gas discovery offshore Indonesia, which Eni operates and announced in October 2023. 

Eni noted that the acquisition is key to increasing gas production in North Africa and Northern Europe.  

In North Africa, the deal strengthens Eni’s position as the key international energy company.  

In Northern Europe, it opens up new opportunities for carbon capture and storage, which Eni considers a critical component of its decarbonisation strategy. 

The acquisition also presents potential synergies with projects that Neptune Energy is pursuing in Norway and the Netherlands.  

As per the initial announcement, Vår Energi, a company listed on the Oslo Stock Exchange and 63% owned by Eni, has acquired Neptune Energy Norge. 

Additionally, Neptune Energy’s activities in Germany were carved out before the sale of Neptune Energy to Eni was completed. 

The German operations will continue as a stand-alone entity, owned and operated by China Investment Corporation, Carlyle and CVC Capital Partners.